PROPERTY: Investor Return In Sea Point
Recent Western Cape Business News
As the property market begins to show some signs of recovery, the investor market is also beginning to take root again, albeit slowly. Pam Golding Properties reports that the Cape Town suburb of Sea Point is among those experiencing a gradual return of investor buyers.
PGP’s MD for the Western Cape metro region, Laurie Wener, say these mainly cash buyers are looking for value for money and are prepared to wait to find the right property at the right price. “These buyers are governed by their heads, not their hearts,” she says, “and are looking primarily for value and long-term growth potential. But we are definitely seeing signs of new growth in this market in the Atlantic Seaboard area. We also anticipate that confidence will grow as the upgrade of nearby Green Point and Mouille Point.”
PGP’s Western Cape rentals director, Dexter Leite, says the prospects for earning rental income in Sea Point are strong. “A two-bedroomed apartment can typically let for between R8 000 and R15 000 per month, with three-bedroomed units fetching anything between R15 000 and R20 000. Rental prices vary according to the location of the building, its views and proximity to the sea, as well as its age and the quality of finishes.” Leite adds that annual rental increases in the suburb range between seven and ten percent on average.
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